Economic activity shrank 3.4% year-on-year in the first quarter of the year, the fastest contraction since Q1 2001, after expanding 1.8% in Q4 2019.
Hampered by Covid-19 fallout, the downturn was spearheaded by a severe contraction in the external sector, which subtracted 2.2 percentage points from the overall outturn (Q4: 0.0% year-on-year).

Merchandise exports plummeted 37.6% over the same month last year in March, the worst reading on record, as restrictions on movement to fight the Covid-19 pandemic disrupted production in the country and external demand for goods also evaporated amid the health crisis (February: -2.4% year-on-year).

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